|Participants can receive upfront, lump sum payments to help cover related expenses making up for lost income due to missing work, even everyday bills.
DES MOINES, Iowa, September 26, 2017 -- The Principal Financial Group® announced its new accident insurance, which has a unique benefit design that distinguishes it from other accident coverages. The new Principal® accident insurance offering pays an up-front, lump-sum benefit in the event of any injury – regardless of other treatment or services paid for by another insurance provider. This results in an easier, streamlined process with fewer forms to complete and less guesswork.
“Accident insurance is one of the group benefits we offer employers to help their employees prepare for the unexpected,” said Theresa McConeghey, assistant vice president – specialty benefits division, Principal.
According to a recent Associated Press study, seventy-five percent of those making less than $50,000 a year say they would have a tough time scraping together $1,000 in the event of an emergency. /1/ That dovetails with a recent study that found that nearly half of Americans would struggle to pay a $400 bill. /2/
Accident coverage is often available to employees as a supplemental benefit to help them focus on getting well, rather than thinking about how they’re going to manage financially. That’s because while medical insurance helps pay for medical expenses, and disability insurance helps replace lost income, they don’t cover all the expenses associated with an accidental injury.
The New Principal Accident Insurance Benefit Design is an Industry Differentiator
“We’ve done the work on the front end to be able to deliver accident insurance that provides a lump-sum benefit amount based on the injuries received, regardless of other insurance or actual expenses incurred,” said McConeghey. “And it aligns with our other products and integrates with our current streamlined processes – one proposal, one employer application, one enrollment form and one bill.”
Principal accident insurance coverage pays benefits when an insured employee or their covered family member is injured because of an accident, like falling down the stairs or off a ladder, getting hurt playing sports or crashing a bike. And the cash benefit can be used however it’s needed – medical deductibles and copays, travel expenses for doctor appointments, childcare, making up for lost income due to missing work, even everyday bills.
Typically, accident-related services, tests and treatments are required to receive the maximum benefits. Principal accident insurance offering only requires an injury to pay out maximum benefits. Therefore, employees can receive benefits as soon as the injury occurs, with less paperwork and not have to wait until all services, tests and treatments are completed.
“Accident insurance is a great fit for anyone who leads an active lifestyle,” McConeghey said. “It’s also ideal for families with kids in sports or other active interests. In fact, because accidental injuries are unexpected, accident insurance is actually a good fit for most anyone.”
Visit principal.com/accidentshappen to view brief video about how Principal accident insurance can provide back-up plan when the unexpected happens.
/1/ Two-thirds of Americans couldn’t pay a $1,000 bill; Craver, Jack; BenefitsPro.com, May 23, 2016; http://www.benefitspro.com/2016/05/23/two-thirds-of-americans-couldnt-pay-a-1000-bill?eNL=574371b0140ba0c9481f5d71&utm_source=BPro_Daily&utm_medium=EMC-Email_editorial&utm_campaign=05242016; viewed 9/19/2017.
/2/ Uninsured Americans may be one broken bone from bankruptcy; Dominick, Andie; The Des Moines Register, August 24, 2017; https://amp.desmoinesregister.com/amp/588435001; viewed 9/19/2017.
Principal helps people and companies around the world build, protect and advance their financial well-being through retirement, insurance and asset management solutions that fit their lives. Our employees are passionate about helping clients of all income and portfolio sizes achieve their goals – offering innovative ideas, investment expertise and real-life solutions to make financial progress possible. To find out more, visit us at https://www.principal.com.
Accident insurance from Principal is issued by Principal Life Insurance Company, Des Moines, IA 50392.
ACCIDENT INSURANCE PROVIDES LIMITED BENEFITS. This is a summary of the benefits of accident insurance, but there are limitations and exclusions. For cost and coverage details, contact your Principal® representative.
Principal, Principal and symbol design and Principal Financial Group are trademarks and service marks of Principal Financial Services, Inc., a member of the Principal Financial Group.